Market Recap For February 17th, 2022

Stocks dropped right out of the gate on Thursday, and after attempting to rally somewhat, the selling became more persistent straight into the close.

Yesterday’s close was clearly a bearish one, especially being that key levels of support failed to hold. Even lower prices should be coming.

Yesterday’s Sector Performance

Consumer Staples ended up having a good day in a bad market.

Communication Service and Technology finished at the bottom, yet again.

Five-Day Sector Performance

Consumer Staples are also leading on the weekly chart.

Back-to-back weakness has taken Tech and Service to the bottom of the weekly.

ETF Trade Watch

Consumer Staples Select Sector SPDR (XLP)

Communication Services Select Sector SPDR (XLC)

If market weakness continues, as expected, Consumer Staples should outperform even more, and that makes the XLP worth a look for bullish trades.

On the flip side, Communication Services will seemingly be one of the weaker sectors, as the XLC is hitting new 52-week lows.

Good luck!